Quick Summary
In a significant ruling on Friday, May 17, the Supreme Court upheld the rule established by the Institute of Chartered Accountants of India (ICAI), which limits Chartered Accountants (CAs) to accepting no more than 60 tax audit assignments per financial year. This decision, made by a bench comprising Justices BV Nagarathna and Augustine George Masih, supports para 6.0 of Chapter VI of the Council Guidelines No. 1-CA(7)/02/2008 dated August 8, 2008, along with its subsequent amendments. Ju
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FAQ :
The Supreme Court has upheld the ICAI's rule that limits Chartered Accountants (CAs) to a maximum of 60 tax audit assignments per financial year.
The rule is effective from April 1, 2024.
No, the Supreme Court determined that the rule is a reasonable restriction aimed at maintaining professional standards and does not violate the fundamental right to practice a profession.
The Supreme Court quashed any disciplinary proceedings initiated against CAs for violating this clause prior to its official implementation, citing the doctrine of legal uncertainty.
The compulsory tax audit regime was introduced in 1984, and the limitation on the number of tax audit assignments was first implemented in 1988, later revised in 2008.
Yes, the judgment reserves the ICAI's right to adjust the limit on tax audit assignments as necessary in the future.
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